Foreign Minister Antonio Tajani and the Minister of the Environment and Energy Security, Gilberto Pichetto, participated in a meeting convened to promptly update Italian trade associations and companies on the crisis in Iran and the escalation in the region, focusing on the potential economic consequences of the conflict and assessing the impact of the latest US decisions on tariffs.
Minister Pichetto noted a 25% increase in the gas market and, together with the Ministry’s experts, is assessing the potential impact on the Italian and European markets.
Minister Tajani confirmed that Italy remains in close contact with European and international partners to limit and manage the potential consequences of the conflict and the closure of the Strait of Hormuz for international trade, a topic discussed in the extraordinary meetings of the G7 and the EU Foreign Affairs Council held over the weekend. The goal is to avert the danger of prolonged blockades and avoid an impact on prices, particularly for energy and raw materials. Italy and its partners are working to ensure free trade in a region crucial to our exports and to support every diplomatic initiative to contribute to peace and stability in the Middle East. Minister Tajani emphasized the role of EU operations, starting with the ASPIDES and ATALANTA missions, in which Italy proactively participates, which protect freedom of navigation in the Red Sea, the Gulf of Aden, and the region’s maritime corridors.
Minister Tajani also explained to Italian trade associations and companies the effects of the provisional implementation of the Mercosur agreement: “This is positive news; the government has welcomed the Commission’s decision.” Thanks to its provisional implementation, tariffs will be eliminated for all major European export products, benefiting the affected Italian companies, including the 13,000 Italian companies that already export to Mercosur (worth €7.7 billion in 2025). According to projections, the elimination of tariffs will save EU exporters over €4 billion annually.
Minister Tajani addressed the “protection package” for the agricultural sector, the Argentina-US case, and confirmed the upcoming meetings scheduled by the Ministry of Foreign Affairs on exports.
Regarding US tariffs, the Minister assured that the measures announced by the US Administration should confirm the assurances received from the United States regarding America’s willingness to continue complying with the EU-US Joint Declaration and the agreed-upon average tariff threshold of 15%. Minister Tajani reiterated that the Supreme Court’s ruling would not impact the measures adopted for steel, aluminium, and related products, which remain fully in force without changes.
At the end of the meeting, Minister Tajani will chair a meeting at the Crisis Unit with Gulf region Ambassadors on the war in Iran.
